Investment Rating - The report maintains a "Buy" rating for JD US with a target price increase from $60 to $62, indicating a potential upside of 41.2% from the current price of $43.92 [1][2][15]. Core Insights - JD US has returned to double-digit revenue growth, with a 13% year-on-year increase in revenue for Q4 2024, driven by various business segments and favorable policies [1][6]. - The company is expected to continue this growth trend into Q1 2025, with revenue and profit forecasts adjusted upward by 3% and 5% respectively for 2025 [1][6]. - The report highlights the strong performance of the electric product category, which saw a 16% increase due to trade-in policies, and a consistent double-digit growth in supermarket sales [6][7]. Financial Performance Summary - For Q4 2024, total revenue reached RMB 306.08 billion, with product sales contributing RMB 246.50 billion, and service revenue at RMB 59.58 billion [7]. - The gross profit margin improved by 1.1 percentage points year-on-year, with adjusted net profit increasing by 34% to RMB 11.30 billion [6][7]. - The report projects total revenue for 2025 to be RMB 1,243.37 billion, reflecting a growth rate of 7.3% [5][17]. Earnings Forecast Changes - The new revenue forecast for 2025 is RMB 1,243.37 billion, up from the previous estimate of RMB 1,207.02 billion, marking a 3% increase [5]. - Adjusted net profit for 2025 is projected at RMB 51.90 billion, an increase from the prior forecast of RMB 48.63 billion, also reflecting an 8.2% growth [5][17]. - The report anticipates a stable profit margin while maintaining user investment, with a focus on cautious investment in new business areas [1][6].

Investment Rating - The report maintains a "Buy" rating for the company, China Power (2380 HK), with a target price adjusted to HKD 3.72, reflecting a potential upside of 26.5% from the current price of HKD 2.94 [2][14]. Core Insights - The company is expected to see a 53% increase in profit for the full year 2024, despite a slight reduction in earnings forecasts for 2024 and 2025 due to lower-than-expected wind and solar power generation [2][5]. - The dividend yield for 2024/25 is projected to exceed 7%, making it an attractive investment despite the downward revision in profit forecasts [2][5]. Financial Performance Summary - Revenue for 2024 is forecasted at RMB 49,191 million, a decrease of 3.8% from previous estimates, while 2025 revenue is expected to be RMB 50,997 million, down 9.1% [4][16]. - Operating profit for 2024 is projected at RMB 12,438 million, down 6.4%, and for 2025, it is expected to be RMB 14,012 million, a reduction of 16.3% [4][16]. - Net profit for 2024 is revised to RMB 4,072 million, a decrease of 9.5%, and for 2025, it is expected to be RMB 4,857 million, down 22.2% [4][16]. Power Generation Capacity and Sales - The total installed capacity is projected to increase from 31,599 MW in 2022 to 65,759 MW by 2026, with significant growth in wind and solar power generation [6]. - The company's electricity sales are expected to rise from 108,171 GWh in 2022 to 146,986 GWh by 2026, indicating a robust growth trajectory [6]. Valuation Metrics - The report utilizes a sum-of-the-parts valuation method, estimating the total value at RMB 42,632 million, translating to a per-share value of HKD 3.72 [10]. - The valuation for different segments includes coal power at 0.70x 2025E P/B, hydropower at 0.75x, wind power at 8.5x P/E, and solar power also at 8.5x P/E [10].

Industry Investment Rating - The report assigns a "Leading" investment rating to the pharmaceutical industry, indicating an expectation of attractive performance relative to the benchmark index over the next 12 months [1]. Core Insights - The government work report emphasizes support for the development of innovative drugs, highlighting opportunities in undervalued innovation and performance recovery [1][4]. - The report suggests that recent government policies regarding drug pricing, centralized procurement, and the establishment of an innovative drug catalog are expected to drive industry growth and improve investment sentiment [4][5]. - The pharmaceutical sector is currently viewed as having significant recovery potential due to its valuation being at historical lows, with expectations of further favorable policies [4]. Summary by Relevant Sections Valuation Overview - The report provides a detailed valuation summary for various companies, indicating a bullish outlook with "Buy" ratings for several firms, including AstraZeneca (AZN US), BeiGene (6160 HK), and others, with target prices significantly above current prices [3][26]. - The average price-to-earnings (P/E) ratio for the pharmaceutical sector is noted to be 11.1 times, suggesting a relatively low valuation compared to historical standards [17]. Market Performance - The Hang Seng Index fell by 0.8% during the week, with the healthcare index declining by 1.6%, indicating underperformance relative to the broader market [12]. - Sub-sectors such as healthcare technology showed positive growth (+4.7%), while pharmaceuticals and healthcare equipment experienced declines of -3.0% and -4.0%, respectively [12]. Government Policies - The government work report outlines several key initiatives, including optimizing drug procurement policies, enhancing quality assessments, and supporting the development of traditional Chinese medicine [4][5]. - Financial support for basic medical services is set to increase, with per capita fiscal subsidies for resident medical insurance and public health services raised by 30 RMB and 5 RMB, respectively [4]. Company Developments - Notable advancements include the initiation of clinical trials for innovative drugs by companies such as Kangfang Biopharma and Innovent Biologics, indicating a robust pipeline of new therapies [9][10][11]. - BeiGene's recent FDA approval for its drug in the treatment of advanced esophageal squamous cell carcinoma marks a significant milestone for the company [9].

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of HKD 1.17, indicating a potential upside of 46.3% from the current price of HKD 0.80 [1][4][12]. Core Insights - The company's core performance for 2024 is expected to exceed expectations, driven by a significant increase in electricity sales volume in the second half of the year, with a projected sales volume growth of 17% to 4,472 GWh [2][7]. - The new electricity pricing policy is anticipated to stabilize the prices of existing projects, reducing uncertainty in profitability [7]. - The company is transitioning its debt from HKD to RMB, resulting in a significant decrease in financing costs, with an expected average borrowing rate of below 3% by 2025 [7]. - The report forecasts a moderate growth in dividends per share from 2025 to 2027, with an attractive current dividend yield of 7.7% [7]. Financial Overview - Revenue is projected to grow from RMB 2,435 million in 2023 to RMB 2,606 million in 2024, reflecting a year-on-year increase of 7% [3][15]. - Net profit is expected to decline from RMB 993 million in 2023 to RMB 858 million in 2024, a decrease of 12% [3][15]. - The company’s earnings per share (EPS) is forecasted to be RMB 0.10 in 2024, with a recovery to RMB 0.12 in 2025 [3][15]. - The price-to-earnings (P/E) ratio is projected to be 7.9x in 2024, decreasing to 6.5x in 2025 [3][15]. Key Business Metrics - The company plans to add 860 MW of new capacity in 2024, with total installed capacity expected to reach 4,555 MW [9]. - The average electricity price is projected to decline from RMB 0.67 per kWh in 2023 to RMB 0.61 per kWh in 2024 [9]. - The gross margin is expected to decrease from 67.9% in 2023 to 65.6% in 2024, with a slight recovery anticipated in subsequent years [9].

Investment Rating - The report assigns a "Buy" rating to Geely Automobile (175 HK) with a target price of 18.50 HKD, indicating a potential upside of 3.4% from the closing price of 17.90 HKD as of March 3, 2025 [3][4]. Core Insights - Geely Automobile's AI Smart Technology Conference marked the beginning of the "AI+Car" era, transitioning from "Car+AI" to "AI+Car," emphasizing AI as the core of automotive transformation [2]. - The company introduced the "Qianli Haohan" intelligent driving system, which includes five versions (H1 to H9) that cover functionalities from basic assistance to full-scenario L3 autonomous driving, with plans for mass production in the current year [2]. - Geely aims to democratize high-level intelligent driving capabilities across all price segments, promoting the concept of "safety equality" [2]. Summary by Sections AI and Technology Strategy - The report highlights three technological trends presented by Qianli Technology's chairman: superhuman-machine interaction, integration of autonomous driving and execution, and the elevation of connected vehicle models [2]. - Geely's collaboration with partners like Jiyue Xingchen aims to enhance AI applications and reduce barriers for developers through an open-source strategy [2]. Product Launches - The 2025 Geely Galaxy E8 was officially launched with a promotional price range of 149,800 to 198,800 RMB, which is 16,000 RMB lower than the previous model [2]. - The new model features advanced technology, including a 45-inch 8K display and a Qualcomm Snapdragon 8295 chip, along with an upgraded intelligent driving perception system [2]. Competitive Positioning - Geely's recent announcements are seen as a response to competitors like BYD and Changan, emphasizing its systematic capabilities and platform advantages while minimizing reliance on external suppliers [2].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 96.1, indicating a potential upside of 28.2% from the current price of HKD 74.95 [6]. Core Insights - The company's mid-year performance for the fiscal year 2025 is stable, with total revenue increasing by 45% year-on-year to HKD 39.9 billion, while gross profit margin decreased by 11.3 percentage points to 38.9% [1][2]. - Core net profit rose by 17.5% year-on-year to approximately HKD 10.5 billion, aligning with market expectations [1]. - The company anticipates maintaining a dividend payout ratio of 40-50% for the full year, despite a slight decrease in the interim dividend payout ratio to 26.3% [1]. Summary by Sections Financial Performance - Total revenue increased by 45% to HKD 39.9 billion, with property development revenue surging by 323% to HKD 16.4 billion [2]. - Gross profit rose by 12.3% to HKD 15.5 billion, while net profit decreased by 17.7% to HKD 7.5 billion [2]. - The company reported a decrease in rental income by 1.3% to HKD 9.99 billion, with office rental income down by 5.3% [1][2]. Property Development - The company’s contract sales amounted to HKD 24.8 billion, with HKD 30.4 billion in unsold contracts expected to be recognized in the second half of 2025 [1]. - The company plans to launch six new projects in Hong Kong over the next ten months, totaling approximately 2.28 million square feet [1]. Rental and Other Income - Rental income from data center operations increased by 14% to HKD 1.47 billion, while other business lines remained stable [1]. - The report highlights that the company expects a recovery in retail rental income starting from Q4 2024 due to eased travel restrictions [1].

Investment Rating - The report assigns a "Buy" rating for the company [2][11]. Core Insights - The company reported a slight revenue decline of 1.6% year-on-year to HKD 16.79 billion for the first half of the 2025 fiscal year, which met expectations. However, gross profit decreased by 8% to HKD 6.67 billion due to a decline in gross margin [5][6]. - The new management team is expected to enhance operational efficiency, with sales performance exceeding expectations. The company has raised its sales target for mainland China from RMB 11 billion to RMB 14 billion [5][6]. - The company aims to reduce debt through accelerated sales, releasing land value, selling non-core assets, and suspending dividends to improve cash flow [5][6]. Financial Overview - For the fiscal year ending June 30, 2023, the company reported revenues of HKD 54.57 billion, with a projected revenue of HKD 42.99 billion for 2025, reflecting a year-on-year growth of 20.2% [4][13]. - The core profit for 2025 is estimated at HKD 1.19 billion, down 13.5% from the previous year [4][13]. - The company’s net debt ratio increased slightly to 57.5%, primarily due to perpetual bond repurchases and asset revaluation [5][6]. Price Target - The target price for the company has been adjusted down to HKD 6.94, reflecting an 85% discount to net asset value, with a potential upside of 43.9% from the current price of HKD 4.82 [5][11].

Investment Rating - The report maintains a "Buy" rating for the company, 百济神州 (6160 HK), with a target price raised to HKD 208.80, indicating a potential upside of 25.3% from the current price of HKD 166.70 [1][4][14]. Core Insights - The company is experiencing rapid growth in the U.S. market for its product, Zevulunib, which has become the leading treatment for new patients with chronic lymphocytic leukemia (CLL) [2][7]. - The company expects to achieve positive operating profit by 2025, with projected revenues of USD 4.9-5.3 billion and a gross margin in the range of 80-90% [7][8]. - The financial forecasts for 2025 and 2026 have been adjusted upwards, with revenue estimates increased to USD 5.078 billion and USD 6.208 billion, respectively [8][9]. Financial Overview - Revenue is projected to grow significantly from USD 2.459 billion in 2023 to USD 5.078 billion in 2025, reflecting a year-on-year growth of 73.7% in 2023 and 55.0% in 2024 [3][15]. - The company is expected to achieve a net profit of USD 59 million in 2025, transitioning from a loss of USD 882 million in 2023 [3][15]. - The gross profit margin is expected to remain strong, with estimates of 85.0% in 2025 and 86.0% in 2026 [8][15]. Market Performance - The stock has shown a year-to-date increase of 52.66%, with a 52-week high of HKD 166.70 and a low of HKD 77.00 [6][14]. - The average daily trading volume is reported at 13.65 million shares, indicating strong market interest [6]. Product Pipeline and Future Prospects - The company is advancing its pipeline with significant developments in the treatment of blood cancers and solid tumors, including potential accelerated approvals for new therapies [7][8]. - The global peak sales forecast for Zevulunib has been raised to USD 6.9 billion, reflecting the product's strong market position and growth potential [7][9].

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected total return above the relevant industry over the next 12 months [3][20]. Core Insights - The company is projected to achieve stable revenue growth with a narrowing of losses expected by 2025, with a target price set at $4.60, representing a potential upside of 38.6% from the current price of $3.32 [1][7]. - Revenue for 2025 is estimated to reach 5.77 billion RMB, reflecting a year-on-year growth of 26.7% [2][10]. - The company is focusing on optimizing its cost structure while aiming for stable revenue growth, with expectations of improved profitability in the second half of 2025 [7][10]. Financial Overview - Revenue (in million RMB) is projected as follows: 2023: 2,961; 2024: 4,554; 2025E: 5,768; 2026E: 6,837; 2027E: 7,762, with corresponding year-on-year growth rates of 18.5%, 53.8%, 26.7%, 18.5%, and 13.5% respectively [2][16]. - Net profit (in million RMB) is expected to improve from a loss of 996 million in 2024 to a loss of 215 million in 2025, with a return to profitability projected in 2026 [2][16]. - The company’s earnings per share (EPS) is forecasted to be -3.87 RMB in 2024, -0.85 RMB in 2025, and 0.76 RMB in 2026, indicating a significant recovery trajectory [2][10]. Performance Metrics - The company reported a 82% year-on-year revenue increase in Q4 2024, surpassing market expectations [7]. - The K12 segment is expected to contribute significantly to revenue, with a projected growth rate of 34% in 2025 [7][10]. - The company’s market capitalization is approximately $479.34 million, with a year-to-date stock price change of 51.60% [5][10].

Investment Rating - The report maintains a "Buy" rating for NVIDIA (NVDA US) with a target price of $168.00, indicating a potential upside of 28.0% from the current price of $131.28 [1][3][10]. Core Insights - NVIDIA's performance has exceeded expectations, particularly in the data center segment, with revenue guidance for Q1 FY26 set at a median of $42.14 billion, reflecting strong growth prospects [6][7]. - The company is expected to benefit from the increasing demand for AI computing power, with management highlighting the growing importance of GPUs over ASICs in data centers [6][7]. - The upcoming GTC event is anticipated to be a catalyst for NVIDIA's stock price, with new product announcements expected to drive investor interest [6][7]. Financial Overview - Revenue projections show significant growth, with expected revenues of $130.5 billion in FY25, $211.7 billion in FY26, and $270.5 billion in FY27, representing year-over-year growth rates of 114.2%, 62.2%, and 27.8% respectively [2][18]. - Non-GAAP net profit is projected to reach $74.3 billion in FY25, $117.5 billion in FY26, and $155.1 billion in FY27, with corresponding EPS estimates of $2.99, $4.74, and $6.28 [2][18]. - The report indicates a strong gross margin of 73.5% for Q4 FY25, with expectations for a slight decline to 71% in Q1 FY26, but management anticipates a recovery in margins later in the year [6][7]. Market Position - NVIDIA's market capitalization is approximately $3.1 trillion, with a 52-week high of $149.43 and a low of $76.20, indicating significant volatility and investor interest [5][10]. - The company has a strong presence in the data center market, with revenue from this segment expected to continue growing, driven by capital expenditure from cloud service providers [6][7]. Valuation Metrics - The report notes a price-to-earnings (P/E) ratio of 97.7 for FY24, decreasing to 42.3 for FY25, and further down to 26.7 for FY26, reflecting a more attractive valuation as earnings grow [2][18]. - The price-to-book (P/B) ratio is projected to decline from 73.48 in FY24 to 7.02 in FY28, indicating a potential for value appreciation as the company scales [2][18].